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The UK - handbags market size is estimated to grow at a CAGR of 3.96% between 2023 and 2028. The market size is forecast to increase by USD 612.15 million. The growth of the market depends on several factors such as the expansion of the retail and online distribution landscape in the UK, the growing purchase of handbags by millennials and working women, and the increasing fashion consciousness among consumers leading to spending on personal accessories.
This UK handbags market report extensively covers market segmentation by product (tote, clutch, satchels, shoulder bag, mini bags, and others), distribution channel (offline and online), and material (leather, cotton, and others). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the UK handbags market growth is the expansion of the retail and online distribution landscape in the UK. There is an increasing use of handbags by common people across the world, including the UK, to carry personal items. As a result, this is encouraging vendors to increase their production and distribution across the UK. In addition, distributors play an important role in the supply chain of several consumer goods, including handbags.
Moreover, with changes in purchasing behavior and buying practices of consumers, the retail landscape is evolving across the world, including the UK. In addition, consumers are shifting their purchasing preference from conventional stores to online channels for buying all kinds of consumer goods, including handbags. Furthermore, these online platforms provide convenience and value for money, which are essential parameters for consumers. Hence, such factors are positively impacting the UK - handbags market. therefore, it is expected to drive the UK handbags market during the forecast period.
A key factor shaping the UK handbags market growth is the design and material innovation leading to product premiumization. Several market players are constantly reforming and introducing new designs and patterns due to growing competition and customer demand arising from rapid changes in the fashion industry. In addition, customers seek luxury handbags for formal (especially luxury handbags) and casual purposes (such as metal and precious stone studded handbags). Therefore, to meet such evolving customer needs, vendors regularly expand their product lines.
Moreover, the demand for handbags that are designed and made of metals such as gold and silver and studded with precious stones such as diamonds is high. For example, Hermes offers a Lindy 30 bag that is made of very soft Niloticus alligator leather and is equipped with gold-plated hardware. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the UK handbags market growth during the forecast period.
Long product replacement cycles for handbags are one of the key challenges hindering the UK handbags market growth. A majority of customers across the world including UK, seek value for money, especially while buying expensive products such as premium and high-quality handbags. In addition, the purchase decision of consumers depends on product quality, durability, and branding.
Moreover, handbags manufactured by popular global brands, such as Burberry, Tapestry, LVMH, and Hermes, are made of raw materials of superior quality. In addition, they are durable and highly efficient and, hence, do not require frequent replacement. Therefore, the high cost and long lifespan of such handbags may negatively impact the UK - handbags market. Hence, such factors can hinder the UK handbags market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
UK Handbags Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ALDO Group Inc: The company offers handbags such as ameyaax women white cross body, balkiix women white satchel, landenassi women black top handle, and nanadi women pink satchel.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The tote segment is estimated to witness significant growth during the forecast period. This segment comprises large handbags that have two parallel straps or handles, which allow them to be hung from the shoulder In addition, a tote bag is preferably used for shopping purposes. Furthermore, several market players offer a wide variety of tote bags. For example, the Van Gogh Handbag and Vintage Oleg Cassini Large handbag are some of the featured tote bags offered by Tapestry to its customers across the UK.
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The tote segment was the largest and valued at USD 831.30 million in 2018. Moreover, the tote bags available in the market are mostly made of leather, fabric (such as canvas), jute, or nylon. In addition, fashion-conscious customers usually look for unique styles, designs, and colors in tote bags, which provide an aesthetic appeal along with a modern look. Furthermore, factors such as the increasing demand for tote bags among the working population, the growing demand for tote travel bags at airport retail outlets, the rising preference for affordable luxury tote bags, the increasing availability of personalized and customized tote bags are fuelling the growth of this segment which in turn drives the UK handbags market growth during the forecast period.
The UK handbags market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
UK Handbags Market Scope |
|
Report Coverage |
Details |
Page number |
150 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.96% |
Market Growth 2024-2028 |
USD 612.15 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.61 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ALDO Group Inc., Aspinal of London Ltd., Bugatti GmbH, Burberry Group Plc, Chanel Ltd., Crew Clothing Co. Ltd., Dolce and Gabbana SRL, Fossil Group Inc., GOYARD ST HONORE, Guess Inc., Hermes International SA, Kering SA, LAUNER LONDON LTD., Michael Kors Switzerland GmbH, MPLG Ltd., Mulberry Group Plc, Prada S.p.A, Radley and Co Ltd., The Cambridge Satchel Co. Ltd, and The Hettie Trading Company Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Market Segmentation by Material
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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